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"5e04cd0d-9f64-4318-8a35-1650ec3038f5", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.45, "x": 0.52, "y": 0.23 }, "kind": "chart", "text": "Department Store Pre-Tax ROIC (FY Feb ‘20)", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 13:03:38.998+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8d730c8e-ad5c-47f3-8fd9-b8e98c5e0ddf", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.03, "y": 0.12 }, "kind": "paragraph", "text": "Limited group synergies – subsidiaries’ underperformance relative to standalone competitors suggests that any benefits of group synergies are outweighed by the holding company’s lack of focus.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 13:03:38.998+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1b52a630-fe75-4866-bd8d-878ac98ac8ed", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.03, "y": 0.93 }, "kind": "source-note", "text": "Sources: Public company documents, FactSet, VAC analysis. Memo: Pre-tax ROIC defined as operating profit / average invested capital. Invested capital is the sum of net debt, leases, and equity", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 13:03:38.998+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9923c378-ac62-4f0a-8c16-adddc8f5b311", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.6, "x": 0.03, "y": 0.04 }, "kind": "title", "text": "Step 3. 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~$625m", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": null, "subkind": { "name": "Big number", "slug": "big-number", "status": "active", "canonId": "019de52c-fc70-70c8-b965-0584548a9204", "version": 1, "description": null }, "framework": null }, "subkind": "big-number", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 13:03:39.431+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0891f61d-3923-46f0-b5ba-b115466e841c", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.15, "x": 0.84, "y": 0.38 }, "kind": "metric", "text": "MTMP Target? N/A", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": null, "subkind": { "name": "Big number", "slug": "big-number", "status": "active", "canonId": "019de52c-fc70-70c8-b965-0584548a9204", "version": 1, "description": null }, "framework": null }, "subkind": "big-number", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 13:03:39.431+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e10d324e-89ca-47a9-8791-df76306a1dcf", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.95, "x": 0.03, "y": 0.13 }, "kind": "paragraph", "text": "Top-down benchmarking suggests significant operating expense inefficiency in the US 7-Eleven operations. As a result, strong gross profit at the store level is not converting into operating profit for Seven & i", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 13:03:39.431+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8a9d2eea-4df2-456b-aba5-017f916861ac", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.01, "y": 0.94 }, "kind": "source-note", "text": "Sources: Public company documents, 7-Eleven, Inc franchise disclosure document, VAC analysis. Memo: EBITDAR = Earnings before interest, taxes, depreciation, amortization, and rent", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 13:03:39.431+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5c110d97-3bd4-4f81-b3c0-fa7a41042734", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.85, "x": 0.03, "y": 0.04 }, "kind": "title", "text": "Step 4. Operational Review of 7-Eleven Outside of Japan", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 13:03:39.431+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "31250bf4-87a0-4c97-b522-82b1d0af20d8", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "fee6b360-1de1-478c-8b72-a00f9239f613", "evidence": "Comparison of US 7-Eleven vs Couche-Tard performance metrics", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 13:03:39.431+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 34, "frameworkName": "peer_benchmark" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 35, "type": "setup", "title": "The chart uses bubble size to represent system sales; the regression line suggests 7-Eleven is an outlier in headcount efficiency.", "function": "compare_peers", "rawType": "peer_benchmark", "block": null, "metadata": { "slideType": "peer_benchmark", "slideTypeCanon": { "name": "Peer benchmark", "slug": "peer_benchmark", "status": "active", "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "dense", "densityScore": 55, "componentCount": 7, "textChars": 708, "nDataPoints": 5, "notes": "The chart uses bubble size to represent system sales; the regression line suggests 7-Eleven is an outlier in headcount efficiency.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 13:03:39.172+00", "seconds": 3.285, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de072-4039-708a-bf30-dfedd780cec6/35", "deck": "/decks/019de072-4039-708a-bf30-dfedd780cec6", "deckAnchor": "/decks/019de072-4039-708a-bf30-dfedd780cec6#slide-35", "deckJson": "/decks/019de072-4039-708a-bf30-dfedd780cec6.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.18, "x": 0.33, "y": 0.46 }, "kind": "callout", "text": "USA 7-Eleven has ~39% more FTEs than the industry average, which on its own accounts for ~$500m in excess SG&A costs", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 13:03:39.172+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "368c21f4-0275-4985-a740-2b449383eb1b", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.78, "x": 0.03, "y": 0.23 }, "kind": "chart", "text": "North American HQ Employees vs. Gross Profit of Leading USA Convenience Chains", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Bubble chart", "slug": "bubble", "status": "active", "canonId": "019de52d-00a4-756f-8978-8d5e48905dbc", "version": 1, "description": null }, "framework": null }, "subkind": "bubble", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 13:03:39.172+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d07fc8f1-553c-4f91-832d-460190bf5dfa", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.15, "x": 0.83, "y": 0.24 }, "kind": "metric", "text": "US Expense Efficiency: MTMP Target? N/A", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": null, "subkind": { "name": "Big number", "slug": "big-number", "status": "active", "canonId": "019de52c-fc70-70c8-b965-0584548a9204", "version": 1, "description": null }, "framework": null }, "subkind": "big-number", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 13:03:39.172+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3ee94188-94c4-4866-aab5-beab493d2026", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.15, "x": 0.83, "y": 0.63 }, "kind": "metric", "text": "FY26 Profit Potential? ~$625m", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": null, "subkind": { "name": "Big number", "slug": "big-number", "status": "active", "canonId": "019de52c-fc70-70c8-b965-0584548a9204", "version": 1, "description": null }, "framework": null }, "subkind": "big-number", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 13:03:39.172+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7889e7e4-418b-46e2-99a1-592783785a9c", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.03, "y": 0.12 }, "kind": "paragraph", "text": "Consultancy analysis estimates $625 million of excess cost in US operations, primarily in US corporate headquarters (see chart below), but also in directly owned stores among other areas", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 13:03:39.172+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "90c5e393-c8ec-4e1a-b831-d63157f3a5fd", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.01, "y": 0.94 }, "kind": "source-note", "text": "Sources: Public company documents, LinkedIn, Consultancy analysis. Memo: FTE = full time equivalent employee. Per consultancy: Employees count from 2020 vs. Gross Profit in 2019 or most recent fiscal year.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 13:03:39.172+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "edf79e8a-5e9b-4570-8935-21081e3eddac", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.85, "x": 0.03, "y": 0.04 }, "kind": "title", "text": "Step 4. 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null, "seconds": null, "promptVersion": null }, "componentId": "818dc396-bee3-437f-a41e-39f195a9df55", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.17, "x": 0.08, "y": 0.35 }, "kind": "image", "text": "7-Eleven gas pump", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Photo", "slug": "photo", "status": "active", "canonId": "019de52c-fd37-757f-b4a8-ca26d4888875", "version": 1, "description": null }, "framework": null }, "subkind": "photo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 13:03:40.065+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3c1d87e3-8696-41f5-9e30-d3ad2b9b3eac", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.12, "x": 0.84, 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"components": [ { "bbox": { "h": 0.3, "w": 0.94, "x": 0.03, "y": 0.58 }, "kind": "chart", "text": "90% of measured emissions", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Horizontal bar chart", "slug": "bar-horizontal", "status": "active", "canonId": "019de52c-fec4-7221-986b-1cb5f5e84b1f", "version": 1, "description": null }, "framework": null }, "subkind": "bar-horizontal", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 13:03:45.329+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "616ab84d-73a6-4fe1-a6d4-eeacc0137c66", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.48, "x": 0.03, "y": 0.2 }, "kind": "paragraph", "text": "Scope 3 emissions (which Seven & i states accounts for 90% 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